PHILADELPHIA — Richard Catanese, a local Financial Planner and Partner at the Philadelphia Group, has been recognized as one of the Philadelphia area’s Five Star Wealth Managers for 2012.

Recently Philadelphia Magazine and Five Star Professional, a market-specific research and award program, partnered together to find wealth managers in the Philadelphia area that satisfied 10 objective eligibility and evaluation criteria that are associated with wealth managers who provide quality services to their clients.

Award candidates were identified by one of three sources: firm nomination, peer nomination or pre-qualification based on industry standing. Then the Philadelphia area candidates were identified using internal and external research data. The candidates in the select group that satisfied the eligibility and evaluation criteria represent less than 3 percent of the wealth managers in the area and were named 2012 Five Star Wealth Managers.

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Among other things, some of the required eligibility criteria included actively employed as a credentialed professional in the financial services industry for a minimum of five years, favorable regulatory and complaint history reviews and accepting new clients. Some of the evaluation criteria considered included one year client retention rate, five year client retention rate and educational and professional designations.

“I am very pleased to be recognized as a Five Star Wealth Manager. It is gratifying to be honored again by my clients, peers and the community,” said Mr. Catanese.

About the Philadelphia Group.

Headquatered in King of Prussia, Pennsylvania, with offices in Newtown, Pa., Mt. Holly, N.J. and Chestertown, Md., The Philadelphia Group is an independent wealth management consulting firm with a key founding principle: to be completely independent from any proprietary relationships that would cause any bias or conflict of interest in their recommendations to clients. The firm serves its clients in four primary areas: Private Wealth Management and Investment Advisory, 401(k) and Retirement Plan Consulting, Insurance Brokerage and Estate Planning Strategies and Comprehensive Financial Planning.

Award based on 10 objective criteria associated with providing quality service to clients such as credentials, experience and assets under management among other factors. Wealth managers do not pay a fee to be considered or placed on the final list of 2012 Five Star Wealth Managers.

Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Private Advisor Group, a registered investment advisor. Private Advisor Group and The Philadelphia Group are separate entities from LPL Financial.